Kellogg Company (K) Sees Large Increase in Short Interest
Kellogg Company (NYSE:K) was the target of a significant growth in short interest during the month of October. As of October 31st, there was short interest totalling 28,074,005 shares, a growth of 12.6% from the October 13th total of 24,922,082 shares. Currently, 8.2% of the shares of the stock are short sold. Based on an average daily volume of 3,958,213 shares, the days-to-cover ratio is presently 7.1 days.
In related news, CEO Steven A. Cahillane purchased 15,930 shares of the firm’s stock in a transaction dated Thursday, November 2nd. The shares were acquired at an average cost of $62.70 per share, with a total value of $998,811.00. Following the completion of the purchase, the chief executive officer now directly owns 15,930 shares of the company’s stock, valued at $998,811. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Donald R. Knauss sold 6,846 shares of the stock in a transaction that occurred on Thursday, November 2nd. The shares were sold at an average price of $62.57, for a total transaction of $428,354.22. Following the sale, the director now directly owns 5,000 shares in the company, valued at $312,850. The disclosure for this sale can be found here. Insiders have sold 223,438 shares of company stock worth $14,077,678 over the last three months. 1.30% of the stock is owned by insiders.
Several hedge funds have recently made changes to their positions in K. Lazard Asset Management LLC boosted its holdings in Kellogg by 94.3% in the 2nd quarter. Lazard Asset Management LLC now owns 7,846,945 shares of the company’s stock valued at $545,047,000 after purchasing an additional 3,807,425 shares during the period. CIBC World Markets Inc. raised its position in shares of Kellogg by 29.1% in the 2nd quarter. CIBC World Markets Inc. now owns 33,225 shares of the company’s stock valued at $2,308,000 after buying an additional 7,487 shares in the last quarter. Cim Investment Mangement Inc. acquired a new position in shares of Kellogg in the 2nd quarter valued at approximately $563,000. Pacer Advisors Inc. raised its position in shares of Kellogg by 157.0% in the 2nd quarter. Pacer Advisors Inc. now owns 13,675 shares of the company’s stock valued at $950,000 after buying an additional 8,353 shares in the last quarter. Finally, Dupont Capital Management Corp acquired a new position in shares of Kellogg in the 2nd quarter valued at approximately $268,000. 86.61% of the stock is owned by institutional investors and hedge funds.
Kellogg (NYSE:K) opened at $65.18 on Wednesday. Kellogg has a 12-month low of $58.76 and a 12-month high of $76.69. The company has a market cap of $22,500.00, a PE ratio of 16.17, a PEG ratio of 2.61 and a beta of 0.49. The company has a debt-to-equity ratio of 3.71, a current ratio of 0.68 and a quick ratio of 0.43.
Kellogg (NYSE:K) last announced its quarterly earnings data on Tuesday, October 31st. The company reported $1.05 EPS for the quarter, beating analysts’ consensus estimates of $0.94 by $0.11. Kellogg had a net margin of 6.15% and a return on equity of 73.92%. The company had revenue of $3.27 billion during the quarter, compared to the consensus estimate of $3.22 billion. During the same quarter last year, the firm posted $0.96 EPS. The company’s quarterly revenue was up .6% on a year-over-year basis. sell-side analysts expect that Kellogg will post 4.04 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Friday, December 1st will be given a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a dividend yield of 3.31%. The ex-dividend date of this dividend is Thursday, November 30th. Kellogg’s dividend payout ratio (DPR) is presently 96.43%.
A number of equities analysts have issued reports on K shares. Morgan Stanley reaffirmed an “equal weight” rating and issued a $69.00 price objective (down from $74.00) on shares of Kellogg in a research note on Tuesday, July 18th. UBS AG reaffirmed a “neutral” rating and issued a $72.00 price objective (down from $76.00) on shares of Kellogg in a research note on Tuesday, July 18th. Royal Bank Of Canada reduced their price objective on shares of Kellogg from $81.00 to $79.00 and set a “sector perform” rating on the stock in a research note on Tuesday, August 1st. BMO Capital Markets reaffirmed a “hold” rating and issued a $85.00 price objective on shares of Kellogg in a research note on Friday, August 4th. Finally, Susquehanna Bancshares Inc reaffirmed a “hold” rating on shares of Kellogg in a research note on Thursday, August 3rd. Three analysts have rated the stock with a sell rating, nine have given a hold rating and two have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $71.00.
Kellogg Company is a manufacturer and marketer of ready-to-eat cereal and convenience foods. The Company’s principal products are ready-to-eat cereals and convenience foods, such as cookies, crackers, savory snacks, toaster pastries, cereal bars, fruit-flavored snacks, frozen waffles and veggie foods.
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